The decision to accept or not accept credit card payments is something that every business owner will need to make. Because it takes research, it is advisable to not wait until the last minute. Proper planning is essential to identifying the best payment service providers for your business.
A recent article from Business News Daily laid out some advice that every organization should consider when it comes to implementing credit card payment processing. These include:
- Educate yourself on the lingo
- Partner with a credit card processor that meets your needs
- Understand data security and PCI compliance requirements
- Know the processing fees
As we have written about in the past, for those just starting out in business we suggest companies consider their payment acceptance strategy before searching for a provider. This includes understanding your customers (consumer, other business, corporate or government buyers) and their payment preferences, and evaluating the benefits, risks and cost of each payment method.
This advice is not only helpful for organizations beginning the process of accepting credit card payments. Companies that have already deployed a solution should calculate their effective cost and then use a service like myrealrate.com to benchmark against industry averages and compare directly with others in their same industry and similar size to determine if they are competitively priced. Ensuring you are maximizing the value of each card transaction should be something your merchant service provider can help you obtain.
Selecting the right processing partner is crucial for those deciding to accept card payments.